Russia, Iran and the US to lead globally in terms of methanol capacity additions by 2030, says GlobalData
Global methanol capacity is poised to see considerable growth by 2030, potentially increasing from 148.44 million tonnes per annum (mtpa) in 2019 to 310.94 mtpa in 2030, registering a total growth of 109%.
Russia, Iran and the US are expected to drive capacity additions during the forecast period. Together these three countries will contribute around 59% of the total global methanol capacity additions, says GlobalData.
GlobalData's report, ‘Global Methanol Capacity and Capital Expenditure Outlook to 2030', reveals that Russia accounts for the highest capacity additions with 40.35 mtpa by 2030. Major capacity additions will be from the Sherwood Energy Maysky Methanol Plant with a capacity of 7.20 mtpa by 2030.
GlobalData identifies Iran as the second highest country in terms of capacity additions, with capacity of 29.39 mtpa by 2030. Major capacity additions will be from the Mahan Chemical Zagros Petrochemical Eslamabad-e-Gharb Methanol Plant, with a capacity of 1.85 mtpa by 2030.
The US will be the third highest country in terms of capacity additions, with capacity of 23.74 mtpa by 2030. Major capacity additions will be from the NW Innovation Works Kalama Methanol Plant and NW Innovation Works St. Helens Methanol Plant, each with the capacity of 3.60 mtpa by 2030.
Sherwood Energy Ltd, IGP Methanol LLC and NW Innovation Works Inc will be the top three companies globally in terms of planned and announced capacity additions during the outlook period.
Dayanand Kharade, Oil and Gas Analyst at GlobalData, says: "The abundant availability of low-cost feedstock in Russia and Iran and the shale gas advantage in the US are the primary reason for the rush in methanol capacity additions in these countries."